Ethereum Resumes an Upward Trajectory but Faces Rejection at $1,216
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is declining, but upward correction has stopped as it faces rejection at $1,216. The largest altcoin’s price ranges from $1,071 to $1,350. Yesterday, the upward correction reached a high of $1,216 but was rejected. The price of the altcoin is currently getting close to the $1,000 psychological barrier. The price indicator predicts a likely decline when the current support is violated. As a result, sellers have twice tried to breach the current support. They made three attempts to retest the present support but failed. Ether will plummet to a low of $915 or $715 on the downside if the existing support is broken. However, if the current support is kept, the move will continue to be range-bound inside the predetermined range.
Ethereum Indicator Analysis
On the Relative Strength Index for period 14, Ethereum is at level 41. It is currently in a downtrend zone and may continue to move lower. A further decrease is predicted because the price bars remain below the moving average lines. The 21-day and 50-day SMA lines have a downward slope, indicating a decrease.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
MajorSupport Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
Ethereum is currently just modestly varying within a constrained range as it faces rejection at $1,216. The altcoin has been drifting in a sideways motion for the past two weeks following the price fall on November 9. The selling pressure will increase if the price breaches the current support. When the price surpasses either the moving average lines or the resistance at $1,350, the altcoin will resume an upward trajectory.
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